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June 17, 2015

What Greece and Scotland Can Learn From Iceland

Iceland seems to have emerged from economic collapse following its banking crisis in 2008. Its Prime Minister, Sigmundur Gunnlaugsson offers what should be words of advice for Syrizia:

"What proved instrumental in getting us out of the crisis and to where we are today is to do with having our own currency and having control over our own monetary and economic policy and natural resources. Greece's options are obviously more limited, being a member of the euro."

Gunnlaugsson could also have added for British readers that the three banks involved - Glitnir, Kaupthing and Landsbank - went into receivership and so were not propped up by the taxpayer. Scottish readers may wish to note that Iceland's decision to back away from the EU was influenced by the reality that new members of the EU are required to join the Euro. Iceland would lose the very independence which saved it.